Regulatory approval for the acquisition has been granted and Rank Insurance will be amalgamated into Capstan Insurance Company, R&Q's consolidation vehicle in Guernsey, subject to necessary consents.

Ken Randall, chairman and CEO of R&Q, said: "We are delighted to have acquired RIL and this continues to demonstrate the ability of R&Q to provide exit solutions for end of life captive insurance companies. This is one of a number of current transactions we have been assessing and we remain excited about our legacy acquisition pipeline."